Financial Update Fiscal Year 2017-2018 September 10, 2018 Work Session
REVENUE - What went better than planned? Earned Income Revenue - $563K better than budget Delinquent Occupational Tax - $114K better than budget Interested Earned - $113K better than budget BEF and SEF Subsidy - $77K better than budget Transportation Subsidy - $172K better than budget RE collection rates – 14-15 96.5%, 15-16 96.65%, 16-17 97.25% 17-18 96.78% PLANCON reimbursement for 15, 16, & 17 – 11% to 20% reimbursement amount 780K LASD Financial Update
REVENUE – less than budget Tuition Orphans & Child - $20K less than budget Title I and II - $32K less than budget LASD Financial Update
EXPENSES – What went better than plan? Health Insurance - $346K better than budget PA Charter School Tuition - $175K better than budget Supplies - $71K better than budget LASD Financial Update
EXPENSES – More than budget Special Education - $427k more than budget Capital Reserve Transfer - $1.555M more than budget (Athletic Project and Food Truck) $93000 for Capital Lease LASD Financial Update
Wages, Spec Ed, Medical, PSERS, Transportation LASD Financial Update
LASD Financial Update
LASD Financial Update
Fund Balance and Capital Reserve LASD Financial Update
LASD Financial Update
Recommendation If the bottom line stays the same, place $300,000 - $500,000 into Capital Reserve, effective June 30, 2018 Current Capital Reserve (Unassigned) - $350K Funds available for 2019-2020 Capital Needs Capital Needs will be discussed at the October Finance Committee meeting and November board meeting LASD Financial Update
2018 – 2019 Budget Timeline November December January 10 year Facilities/Capital Project Plan 2018-2019 Capital Project List Saving for MS/HS – 2024 December 2019-2020 Capital Project List Approval Present 1st Budget Draft – Static Budget Board decision either explore going above the index or adopt an resolution not to exceed adjusted index January Present 2nd Budget Draft – District Priorities Set Mills aside for MS/HS 2024 LASD Financial Update